COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 951023

Approving Redevelopment Project 7 of the Summit Tax Increment Financing Plan as a Redevelopment Project and adopting Tax Increment Financing therein.

WHEREAS, the City Council of Kansas City, Missouri (the "City Council"), by Ordinance No. 54556 adopted on November 24, 1982, amended by Ordinance No. 911076 adopted on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on July 12, 1995, the Commission adopted a resolution recommending to the City Council the adoption of a redevelopment plan entitled the "Summit Tax Increment Financing Plan" (the "Redevelopment Plan"); and

WHEREAS, on August 31, 1995, the City Council adopted Committee Substitute for Ordinance No. 951016, which accepted the recommendations of the Commission as to the Redevelopment Plan; approved the Redevelopment Plan; found the Redevelopment Area to be a conservation area; designated the Redevelopment Area as a redevelopment area pursuant to the Act; and authorized the Commission to take all such action as may be needed to effectuate the Plan; and

WHEREAS, the Redevelopment Plan and Committee Substitute for Ordinance No. 951016 contemplate the separate approval of each Redevelopment Project and the adoption of Tax Increment Financing for each Project at the discretion of the City Council; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. All terms used in this ordinance must be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 2. The Redevelopment Project 7 legally described as:

TRACT 9:

All that part of the land platted as Waldo Tract, a subdivision in Kansas City, Jackson County, Missouri, (including part of Lot 38 and all of Lots 39 through 41, and Lots 42 through 44, and part of Lot 45, and part of Lots 76 through 80, and part of vacated Waldo Avenue vacated by Ordinance No. 52333, a copy of which was recorded December 30, 1926 in Book B-2735, at Page 504, as Document No. A-324002, and part of the vacated East-West alley vacated by Ordinance No. 52332, a copy of which was recorded December 30, 1926 in Book B-2738, at Page 510, as Document No. A-324001; and part of the vacated North-South alley vacated by Ordinance No. 52334, a copy of which was recorded December 30, 1926 in Book B-2735 at Page 502, as Document No. A-324000 and including part of the reserved one foot wide strip of land lying East of, and adjacent to said vacated North-South Alley) that lies within the boundaries of the tract deeded by The Jasper Land and Improvement Company to the United States of America in the deed filed November 4, 1929 in Book B-2942, at Page 602, as Document No. A-429307.

TRACT 10:

That part of the East-West alley established by the recorded plat of Waldo Tract, a subdivision in Kansas City, Jackson County, Missouri, which lies East of the West line, projected South, of the tract described as Parcel Number 1" of the Deed of Dedication filed July 27, 1929, in Book B-2916, at Page 237, as Document No. A-420476, as corrected by the document filed September 6, 1929, in Book B-2916, at Page 615, as Document No. A-424132, and West of the East line, projected South, of said Parcel Number 1.

TRACT 11:

The tract described as Parcel Number 1" of the Deed of Dedication filed July 27, 1929, in Book B-2916, at Page 237, as Document No. A-420476, as corrected by the document filed September 6, 1929, in Book B-2916, at Page 615, as Document No. A-424132.

TRACT 12:

That part in the North half of 25th Street lying South of and adjacent to Lots 76 and 77, Waldo Tract, a subdivision in Kansas City, Jackson County, Missouri, said North half of 25th Street having been established by the recorded plat of Waldo Tract, a subdivision in Kansas City, Missouri.

TRACT 13:

The tract described as Parcel Number 2" of the Deed of Dedication filed July 27, 1929, in Book B-2916, at Page 237, as Document No. A-420476, as corrected by the document filed September 6, 1929, in Book B-2916, at Page 615, as Document No. A-424132.

TRACT 14:

That part of the South half of the East-West alley established by the recorded plat of Waldo Tract, a subdivision in Kansas City, Jackson County, Missouri, which lies East of the East line, projected South, of the tract described as Parcel Number 1" of the Deed of Dedication filed July 27, 1929, in Book B-2916, at Page 237, as Document No. A-420476, as corrected by the document filed September 6, 1929, in Book B-2916, at Page 615, as Document No. A-424132, and West of the reserved one foot wide strip of land that comprises the East one foot of said land platted as Waldo Tract.

is approved.

Section 3. Tax increment allocation financing is adopted for Redevelopment Project 7. After the total equalized assessed valuation of the taxable real property in the area selected for Redevelopment Project 7 exceeds the certified total initial equalized assessed value of all taxable real property in the area selected for such Redevelopment Project, the ad valorem taxes and payments in lieu of taxes, if any, arising from the levies upon taxable real property in the area selected for such Redevelopment Project by taxing districts and tax rates determined in the manner provided in Subsection 2 of Section 99.855, RSMo, each year after the effective date of this ordinance until Redevelopment Project Costs have been paid will be divided as follows:

a. That portion of taxes levied upon each taxable lot, block, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in the area selected for Redevelopment Project 7 will be allocated to and, when collected, will be paid by the Jackson County Collector and the City Treasurer to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing.

b. Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the area selected for Redevelopment Project 7 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project 7 will be allocated to and, when collected, will be paid to the City Treasurer, who must deposit such payments in lieu of taxes into the Summit Special Allocation Fund of the City for the purpose of paying Redevelopment Costs and obligations incurred in the payment thereof. Any payments in lieu of taxes which are not paid within 60 days of the due date are deemed delinquent and will be assessed a penalty of 1% per month.

Section 4. In addition to the payments in lieu of taxes described above, and subject to annual appropriation, fifty percent (50%) of the total additional revenue from taxes which are imposed by the municipality or other taxing districts, and which are generated by economic activities within the area selected for Redevelopment Project 7 over the amount of such taxes generated by economic activities within the area selected for Redevelopment Project 7 in the calendar year prior to the approval of Redevelopment Project 7 by ordinance, while tax increment financing remains in effect, but excluding taxes imposed on sales or charges for sleeping rooms paid by transient guests of hotels and motels, licenses, fees or special assessments and personal property taxes, other than payments in lieu of taxes, will be allocated to, and paid by the collecting officer to the treasurer or other designated financial officer of the municipality, who must deposit such funds in a separate segregated Summit Economic Activities account within the Summit Special Allocation Fund for the retirement of obligations or payment of Redevelopment Project Costs as defined in the Redevelopment Plan.

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Approved as to form and legality:

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Assistant City Attorney